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When should I start planning for retirement?

It is an age old question facing many Australians - when do I need to start thinking about (and planning for) my retirement?

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It is an age old question facing many Australians - when do I need to start thinking about (and planning for) my retirement?

Unfortunately, when seeking the answer, many often find they have left their run too late.

Data from Mortgage Choice found more than 50% of Australians don't actually give their retirement ‘serious thought' until they are in their 50s.

By not planning for your retirement until your 50s, you don't give yourself the best possible chance to live a financially comfortable retirement.

When planning for your retirement, the key is to start planning as early as possible.

From the time you get your first job and/or buy your first home, retirement planning should be on your agenda.

If you start exploring ways to fund your retirement from an early age, you'll have more flexibility with your plans and will be able to create a path for your retirement that is truly tailored to your future wants and needs.

But what does planning for your retirement actually involve?

In the first instance, it is a good to have an idea of what you would like to do in your retirement.

Do you want to take an overseas holiday every year? Do you want to have paid your mortgage off in full? Depending on what you want to do in your retirement and what you want to have achieved by the time you get there, will ultimately dictate how much money you will need each year.

And, while no-one can predict how long they will live for, it is a common fact that people are living longer. As such, it is important to plan for a long retirement.

Knowing what expenses might crop up in retirement (health care, etc) can be difficult, which is why it pays to do your due diligence.

From there, it is a good idea to speak with a financial adviser. They can talk you through the best ways to maximise your money in your retirement and the strategies you will need to make your retirement goals a reality.

Your financial adviser will also be able to talk to you about your super. One thing many Australians don't realise is that their employer funded super contributions are often not enough to fully fund their retirement.

Additional super contributions and other investment strategies are all things a financial adviser will discuss with you to ensure you are in the right economic position to comfortably fund your retirement.

The information provided on this website is for general education purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement with regard to your personal circumstances, before making any decision about whether to acquire the product. You can obtain a copy of the PDS by emailing homeloans@mortgagechoice.com.au or by calling 13 77 62. *Note: the home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product, and not all products are available in all states and territories. The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years. Warning: The comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.#The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years. WARNING: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.~Not all brokers or advisers offer the products of all lenders or solution providers.